History
1990: Russia’s Foreign Trade Bank (Vneshtorgbank) was established with the support of the Russian State Bank and the Ministry of Finance. It was set up as a limited liability company with the aim of servicing Russia’s foreign trade operations and promoting Russia’s integration into the global economy.
1998: The bank was converted into a public company, with a majority stake owned by the Russian government represented by the Central Bank, which owned a 96.8% share.
2002: The bank’s stocks were transferred to Russia’s Ministry of State Property.
2004: The bank acquired a majority stake (85.81%) in Guta Bank, which was struggling with liquidity problems and experiencing serious financial difficulties. The new acquisition was reorganised into a retail bank, Vneshtorgbank 24. The bank also acquired the Armenian Armsberbank, which was later renamed VTB Armenia.
2005: The bank acquired 75.5% plus three shares of the Promstroybank (PSB), which was reorganised as Bank VTB North-West and later became VTB’s North-Western Regional Centre.
2006: Vneshtorgbank and Vneshtorgbank 24 were rebranded VTB and VTB 24. The bank set up a subsidiary, VTB Africa in Angola, and bought the Ukrainian bank Mriya, which was later merged with VTB Bank (Ukraine).
2007: The bank took over Slavneftebank in Belarus, later renamed VTB Belarus. VTB was the first Russian bank to offer an initial public offering (IPO), raising $8 billion in what became the largest international banking IPO at the time.
2008: VTB set up a subsidiary, VTB Kazakhstan.
2009: The bank acquired AF Bank in Azerbaijan from AF Holding International, later renamed VTB Azerbaijan.
2010: VTB bought a 43.18% stake in TransCreditBank from Russian Railways (RZD).
2011: VTB sold a 10% stake to foreign investors 2011. The deal yielded over 95 billion roubles for the Russian government. The bank pioneered in realization of privatization plan for state-run companies. As a result of the privatization, the government’s stake in the bank’s equity decreased to 75.5%.
By the end of December 2011, VTB had increased its stake in Bank of Moscow to 94.84%.
2012: VTB increased its stake in TransCrediBank to 99.6% after buying more stock from RZD.
Read more about this topic: VTB Bank
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